UAE's International Petroleum Investment Company to boost global investment
The Abu Dhabi-based International Petroleum Investment Company (IPIC) is set to boost its global investment portfolio to $5 billion in two years via new strategic partnerships in the Far East and Europe.
The company, wholly-owned by the Government of Abu Dhabi, currently has a portfolio valued at more than $3 billion.
Last week, it tied up with the Dubai-based Emirates National Oil Company, Oman Oil Company and Thales, a $13 billion international electronics and systems group of France, to launch Gulf Energy Maritime, a shipping company with a total investment of $430 million, according to a report published in Khaleej Times on Sunday.
The venture, under the UAE Offset Program, marked IPIC's first participation in the shipping sector, and its first investment in a UAE-based joint venture.
Established in 1984 to invest in the hydrocarbons and related sectors outside of Abu Dhabi, IPIC operates on commercial principles with the objective of maximising the long-run shareholder value of the company. (menareport.com)
© 2004 Mena Report (www.menareport.com)